Struggling Norwegian offshore vessel player Havila Shipping has set out a revised restructuring for its bondholders but needs a majority agreement by next Monday to avoid the wider deal falling apart.

Havila Shipping set out a restructuring plan on 5 January but has had issues with it bondholders over the terms which has led to an extension in terms of dates for the meetings now be held on 26 February.

However, under the Master Agreement with creditors for restructuring Havila required 100% agreement for an extension beyond 15 February which it has failed to receive. Havila is now seeking a majority agreement by bondholders to the revised agreement by proxy by 15 February to continue with its restructuring plan and described it as “critical” proxy forms were received by the Nordic Trustee by the end of the working day on 15 February.

“It is clear that the conditions set out herein continue to reflect the extremely challenging conditions now facing the company and all its stakeholders, which has further deteriorated since the signing of the Master Agreement,” Havila said.

“Should the Company fail to receive the necessary pre-acceptances from bondholders by 15 February, the Master Agreement will expire. In such case, the board and management of the company are forced to evaluate the company's options, including the viability of further negotiations with its creditors.”